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Spinnaker Opports - Interim Results For Period Ended 30 June 2019

RNS Number : 6331G
Spinnaker Opportunities PLC
25 July 2019
 

25 July 2019

Spinnaker Opportunities plc

("Spinnaker" or the "Company")

Half Yearly Report (Unaudited)

For the Period Ended 30 June 2019

Spinnaker Opportunities plc announces today its preliminary financial results for the period ended 30 June 2019.

Period Highlights

·      The Company requested suspension of trading of its shares with effect from 27th February 2019, following the signing of a non-binding Heads of Terms to acquire the entire issued share capital of Kanabo Research Ltd ("Kanabo").

·      Preparations and documentation for acquisition and re-admission of enlarged group continued satisfactorily.

·      Cash of approximately £0.88 million as at 30 June 2019.

Post-Period Highlights

·      £1.4 million funding pre-commitment signed for cornerstone funding required for enlarged group, conditional on admission.

·      Acquisition and admission of enlarged group remains on course.

 

For further information, please visit http://www.spinnakeropportunities.uk/ or contact the following:

Peterhouse Capital (Financial adviser and joint broker)

Tel: +44 (0)20 7469 0930

Guy Miller/ Lucy Williams/ Eran Zucker

 

 

SI Capital (Joint broker)

Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038

Nick Emerson / Greg Mahoney

 

 

 

 

Blytheweigh (Financial PR)

Tel: +44 (0) 207 138 3553

Tim Blythe/ Julia Tilley/ Fergus Cowan/ Jane Lenton

 

Chairman's Statement

I am pleased to present the interim financial statements to shareholders for the six months ending 30 June 2019.

 

The period under review was dominated, as far as the Company was concerned, by three priorities: the negotiation and due diligence required to get to the point of signing non-binding Heads of Terms; the significant work with the transaction advisory team involved in turning the Heads of Terms into a suite of definitive documents; finally, preparing the enlarged group for re-admission to trading. A lot of this activity is necessarily invisible to investors until it is published in its final form as a prospectus. We were, however, pleased to announce earlier this month that we had received a £1.4 million funding pre-commitment which is a significant milestone on our journey. This should give encouragement to shareholders, just as it does to the board and wider team at Spinnaker. The focus now is on completing the re-admission process as efficiently as possible.

 

There has been has seen a significant heightening of public interest in Europe in the medicinal benefits of chemicals derived from cannabis year to date 2019. Hardly a day goes by without commentary in the mainstream press. Conferences that in previous years attracted medicinal cannabis enthusiasts in the low hundreds were this year attended by thousands of people, including high ranking politicians, medical pioneers and the professional investment community. Through its proposed acquisition of Kanabo, Spinnaker is at the forefront of efforts to bring the medicinal benefits of cannabis to European consumers, while at the same time enabling investors to participate in the growth of the sector through a public market vehicle.

 

I would like to take this opportunity to thank my board colleagues, retained advisers and the transaction advisory team for their dedication and hard work which has brought the Company within sight of a ground-breaking transaction. We look forward to updating shareholders through to completion and beyond.

 

Andy Morrison

Chairman

 

 

 

Results for the 2019 interim financial period

A summary of the key financial results is set out in the table below:

 

Unaudited

Unaudited

Audited

 

30.6.2019

30.6.2018

31.12.2018

 

£'000

£'000

£'000

Revenue

-

-

-

Operating expenses

(157)

(92)

(161)

Operating loss

(157)

(92)

(161)

Finance income

1

1

2

Loss before tax

(156)

(91)

(159)

Taxation

-

-

-

 

 

 

 

Loss for the period

(156)

(91)

(159)

 

 

 

 

 

Interest

The net interest cost for the Company for the period was £nil.

Loss before tax

Loss before tax for the period was £156,000.

Taxation

Taxation charge was £nil for the period. 

Earnings per share

Basic and diluted earnings per share for the period was 0.5p loss.

Financial position

The Company's unaudited balance sheet as at 30 June 2019 can be summarised as set out in the table below:

 

Assets

 

£'m

Liabilities

£'m

Net assets

£'m

 

£'000

£'000

£'000

Non-current assets

-

-

-

Current assets and liabilities

893

(12)

881

Loans and provisions

-

-

-

Total as at 30 June 2019

893

(12)

881

 

 

Cash flow

Net cash outflow for 2019 was £158,000.

This inflow reflects the net placing for the Company during the period.  

 

Interim Condensed Income Statement

6 month period ended 30 June 2019

 

 

Unaudited 6 months ended

Unaudited  6 months ended

Audited Year   ended

 

 

30.06.19

30.06.18

31.12.18

 

Note

£'000

£'000

£'000

Revenue

 

-

-

-

Cost of sales

 

-

-

-

Gross profit

 

-

-

-

Operating expenses

 

(157)

(92)

(161)

Operating loss

 

(157)

(92)

(161)

Net finance income

 

1

1

2

Loss before tax

 

(156)

(91)

(159)

Taxation

 

-

-

-

Loss for the period

 

(156)

(91)

(159)

Loss attributable to the Company

 

(156)

(91)

(159)

 

 

 

 

 

 

Loss per share expressed in pence per share

 

From continuing and total operations:

 

Basic & diluted loss per share, pence

(0.5)

 

 

 

 

 

 

The Company has no items of other comprehensive income.

 

 

Interim Condensed Balance Sheet

As at 30 June 2019

 

 

Unaudited

 30 June

2019

Unaudited

30 June 2018

Audited

31 December 2018

 

Note

£'000

£'000

£'000

Assets

 

 

 

 

Current assets

 

 

 

 

Receivables and prepayments

 

10

9

13

Cash

 

883

1,128

1,041

Total current assets

 

893

1,137

1,054

Current liabilities

 

 

 

 

Trade and other payables

 

                     12

                   31

                    17

Net current assets

 

881

1,106

1,037

Net Assets

 

881

1,106

1,037

 

 

 

 

 

Share capital

3

735

735

735

Share premium

3

592

592

592

Quick facts: Spinnaker Opportunities Plc

Price: 4.65

Market: LSE
Market Cap: -
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